Latest news with #PrivateWealth
Time of India
3 days ago
- Business
- Time of India
FPI flows inconsistent as India's valuation premium hits 80% over MSCI EM: Anuj Kapoor
In this edition of ETMarkets Smart Talk, Anuj Kapoor, MD & CEO, Private Wealth, JM Financial Services Ltd, shares insights on the current state of Indian equity markets and the factors influencing foreign portfolio investor ( FPI ) behaviour. Highlighting that India's valuation premium has surged to over 80% compared to the MSCI Emerging Markets Index—well above historical averages—Kapoor explains why FPIs remain cautious despite India's strong long-term growth story. He also discusses sectoral trends, earnings outlook , and the growing role of domestic investors in supporting market stability . Edited Excerpts - Markets are struggling in the first month of 2H2025. What is limiting the upside? A) For the last 4 consecutive months, Nifty has closed on a positive note MoM. However, July has been trailing negative so far. Explore courses from Top Institutes in Select a Course Category Healthcare Artificial Intelligence Finance Public Policy MCA CXO Design Thinking Data Science healthcare Project Management Operations Management Data Science Data Analytics Digital Marketing MBA Product Management PGDM Cybersecurity others Leadership Others Technology Degree Management Skills you'll gain: Financial Analysis in Healthcare Financial Management & Investing Strategic Management in Healthcare Process Design & Analysis Duration: 12 Weeks Indian School of Business Certificate Program in Healthcare Management Starts on Jun 13, 2024 Get Details From the lows seen in early April, Nifty has made a sharp recovery of about 14-15%, only about 5% down from the highs seen in late September last year (likewise movement in broader indices as well). The earnings growth slowdown and geopolitical uncertainties have been the primary factors to the market's volatility. After a muted FY25, earnings are likely to grow at a healthy 12-13% over the next 2 financial years. In fact, during June, upgrades were seen in Nifty's FY26 and FY27 EPS estimates for the first time in the last 12 months. In the very near-term, market may respond to a variety of factors. In the medium to long term, it will follow earnings growth and valuations. Indian markets are reasonably positioned supported by healthy earnings growth. While valuations are slightly higher than long term averages, justified considering the low cost of capital and robust domestic flows. However, caution needs to be exercised as there may be certain pockets of exuberance, where built in valuations expectations are high. As global players eye India's wealth market and domestic competition intensifies, what do you think will differentiate winners in this space? A) In businesses with high growth potential, competition is usually high. Market players need to present a differentiated proposition to have a right to win. Some of the differentiating factors for JM wealth are: • A forward-looking 50+ year legacy built on clients' trust • Ability to offer onshore and global solutions with seamless execution • Delivering holistic solutions beyond investment management such as estate/legacy planning and aligning wealth planning with immigration decisions, etc. • Advantages of being an integrated institution by managing clients throughout their lifecycle- addressing needs across capital raising, M&A, financing and wealth etc. • Penetration across Tier-2/ Tier-3 cities, the relatively underserved, yet emerging hotspots of wealth creation • Retain as well as engage the right talent by offering a stable environment, strong culture and compensation linked to long term wealth creation Q) The June quarter season has just begun – how do you see India Inc. faring in this quarter? Which sectors should investors watch out for? A) After a spell of muted quarterly earnings, Indian Inc. is expected to deliver healthy numbers in this quarter. The Nifty50 earnings are likely to be in low double digits YoY. However, if we exclude financials, the earnings may likely improve to mid-teens. Sectors to watch out for: Cement, Consumer Retail, Telecom and Infra are likely to be high performers. Auto, Lending Financial institutions, Consumer Durables and Utilities could be laggards Q) Everyone says it is a stock pickers market now and the day of making easy money is over. What are your views? A) After a sustained outperformance by stock markets over past 4-5 years, valuations, are generally high across the market, more so in the Mid & Small Caps. There are limited avenues with potential of valuation rerating. Unless there is another massive uptick in the earnings cycle (like the one observed post COVID), the market performance at a broader level is expected to be moderate. In this market environment, there are limited opportunities for alpha generation. However, there are opportunities for stock specific picks and contrarian bets. We follow a mix of a beta and alpha approach, wherein we manage beta with diversified strategies and look for alpha generating opportunities with bottom up managers (boutique as well as contrarian) Q) SIP crossed Rs 27000 Cr for the first time in June. What is boosting the momentum? A) Strong domestic flows through SIPs have become a main feature of Indian markets, providing stability and resilience when FPI flows have been patchy. A low-interest rate environment resulting in a lack of alternative investment avenues, unfavourable taxation on debt instruments and strong performance of equity markets in the past few years has resulted in financialization of incomes and growing equity culture amongst Indian savers, thereby boosting momentum in SIPs. Q) FIIs are still not back in India completely – is it valuations or earnings which are proving to be headwinds? A) After a blip in FY25, Indian corporate earnings growth (represented by Nifty 50) is likely to improve. The consensus estimates are pointing towards ~13% CAGR over the next 2 years. While this looks healthy, there are other markets globally that could also experience a robust earnings growth over the next 2 years. On valuations, MSCI India trades at around a 24x PE forward, which is over an 80% premium to the broader MSCI EM index. Though, India generally has traded at premium to MSCI EM, the current premium is considered even higher than its historical averages (~60% over last 10 years). In our view, the long-term India story remains intact however the relative attractiveness of other markets, especially EMs is leading to inconsistent FPI flows. Q) Which sectors are likely to drive momentum in the 2H2025? A) Looking at the global uncertainties around tariffs, wars, interest rates, etc, domestic facing players are likely to be in focus in the near term. Markets are likely to be earnings driven. The following sectors with their near-term triggers are likely to be in momentum for next few quarters: - Cement on the back of improving profitability and decent volume growth, - Oil & Gas, especially OMCs with improving marketing margins - Telecom on the back of ARPU improvement, upgrades to 5G, etc. Q) Any sector(s) which you think is overheated? A) Some sectors like EMS, Defence and Mid Cap IT have very high growth expectations built into their current valuations. These valuations could get questioned on way forward as there is little scope for disappointment in earnings.
Economic Times
3 days ago
- Business
- Economic Times
FPI flows inconsistent as India's valuation premium hits 80% over MSCI EM: Anuj Kapoor
Agencies These valuations could get questioned on way forward as there is little scope for disappointment in earnings. In this edition of ETMarkets Smart Talk, Anuj Kapoor, MD & CEO, Private Wealth, JM Financial Services Ltd, shares insights on the current state of Indian equity markets and the factors influencing foreign portfolio investor (FPI) that India's valuation premium has surged to over 80% compared to the MSCI Emerging Markets Index—well above historical averages—Kapoor explains why FPIs remain cautious despite India's strong long-term growth story. He also discusses sectoral trends, earnings outlook, and the growing role of domestic investors in supporting market stability. Edited Excerpts - Markets are struggling in the first month of 2H2025. What is limiting the upside? A) For the last 4 consecutive months, Nifty has closed on a positive note MoM. However, July has been trailing negative so far. From the lows seen in early April, Nifty has made a sharp recovery of about 14-15%, only about 5% down from the highs seen in late September last year (likewise movement in broader indices as well).The earnings growth slowdown and geopolitical uncertainties have been the primary factors to the market's a muted FY25, earnings are likely to grow at a healthy 12-13% over the next 2 financial years. In fact, during June, upgrades were seen in Nifty's FY26 and FY27 EPS estimates for the first time in the last 12 months. In the very near-term, market may respond to a variety of factors. In the medium to long term, it will follow earnings growth and valuations. Indian markets are reasonably positioned supported by healthy earnings valuations are slightly higher than long term averages, justified considering the low cost of capital and robust domestic caution needs to be exercised as there may be certain pockets of exuberance, where built in valuations expectations are high. As global players eye India's wealth market and domestic competition intensifies, what do you think will differentiate winners in this space? A) In businesses with high growth potential, competition is usually high. Market players need to present a differentiated proposition to have a right to win. Some of the differentiating factors for JM wealth are: • A forward-looking 50+ year legacy built on clients' trust• Ability to offer onshore and global solutions with seamless execution• Delivering holistic solutions beyond investment management such as estate/legacy planning and aligning wealth planning with immigration decisions, etc.• Advantages of being an integrated institution by managing clients throughout their lifecycle- addressing needs across capital raising, M&A, financing and wealth etc.• Penetration across Tier-2/ Tier-3 cities, the relatively underserved, yet emerging hotspots of wealth creation• Retain as well as engage the right talent by offering a stable environment, strong culture and compensation linked to long term wealth creation Q) The June quarter season has just begun – how do you see India Inc. faring in this quarter? Which sectors should investors watch out for? A) After a spell of muted quarterly earnings, Indian Inc. is expected to deliver healthy numbers in this quarter. The Nifty50 earnings are likely to be in low double digits YoY. However, if we exclude financials, the earnings may likely improve to to watch out for: Cement, Consumer Retail, Telecom and Infra are likely to be high performers. Auto, Lending Financial institutions, Consumer Durables and Utilities could be laggards Q) Everyone says it is a stock pickers market now and the day of making easy money is over. What are your views? A) After a sustained outperformance by stock markets over past 4-5 years, valuations, are generally high across the market, more so in the Mid & Small Caps. There are limited avenues with potential of valuation rerating. Unless there is another massive uptick in the earnings cycle (like the one observed post COVID), the market performance at a broader level is expected to be moderate. In this market environment, there are limited opportunities for alpha there are opportunities for stock specific picks and contrarian bets. We follow a mix of a beta and alpha approach, wherein we manage beta with diversified strategies and look for alpha generating opportunities with bottom up managers (boutique as well as contrarian) Q) SIP crossed Rs 27000 Cr for the first time in June. What is boosting the momentum? A) Strong domestic flows through SIPs have become a main feature of Indian markets, providing stability and resilience when FPI flows have been patchy. A low-interest rate environment resulting in a lack of alternative investment avenues, unfavourable taxation on debt instruments and strong performance of equity markets in the past few years has resulted in financialization of incomes and growing equity culture amongst Indian savers, thereby boosting momentum in SIPs. Q) FIIs are still not back in India completely – is it valuations or earnings which are proving to be headwinds? A) After a blip in FY25, Indian corporate earnings growth (represented by Nifty 50) is likely to improve. The consensus estimates are pointing towards ~13% CAGR over the next 2 years. While this looks healthy, there are other markets globally that could also experience a robust earnings growth over the next 2 valuations, MSCI India trades at around a 24x PE forward, which is over an 80% premium to the broader MSCI EM India generally has traded at premium to MSCI EM, the current premium is considered even higher than its historical averages (~60% over last 10 years).In our view, the long-term India story remains intact however the relative attractiveness of other markets, especially EMs is leading to inconsistent FPI flows. Q) Which sectors are likely to drive momentum in the 2H2025? A) Looking at the global uncertainties around tariffs, wars, interest rates, etc, domestic facing players are likely to be in focus in the near term. Markets are likely to be earnings driven. The following sectors with their near-term triggers are likely to be in momentum for next few quarters:- Cement on the back of improving profitability and decent volume growth,- Oil & Gas, especially OMCs with improving marketing margins- Telecom on the back of ARPU improvement, upgrades to 5G, etc. Q) Any sector(s) which you think is overheated? A) Some sectors like EMS, Defence and Mid Cap IT have very high growth expectations built into their current valuations. These valuations could get questioned on way forward as there is little scope for disappointment in earnings. (Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
CTV News
10-07-2025
- Business
- CTV News
Demand is the ‘wildcard' for oil prices as supply increases, expert says
Rebecca Babin, Senior Energy Trader at CIBC Private Wealth, joins BNN Bloomberg to dissect OPEC+ discussing potential oil production pause.
Associated Press
30-06-2025
- Business
- Associated Press
Americana Partners Taps Top Morgan Stanley Veteran Mark Monroe to Add to Houston Market Growth
HOUSTON--(BUSINESS WIRE)--Jun 30, 2025-- Americana Partners announced today that Mark Monroe has joined the firm as Senior Vice President, Private Wealth Advisor. This press release features multimedia. View the full release here: Mark Monroe, Americana Partners Senior Vice President / Private Wealth Advisor Based in the firm's Houston office, Monroe managed over $1 billion in AUM (as of June 16, 2025) and has over 15 years of deep expertise implementing complex investment strategies and delivering premium client service to family offices, sophisticated investors, and other ultra-high-net-worth individuals. Monroe will further broaden his core business with concierge financial services, customized investment strategies, and trust and estate planning support for Americana's ultra-high-net-worth clients. 'We are thrilled to welcome Mark Monroe to Americana Partners,' said Ron Thacker, Americana's President. 'His integrity, investment experience, and unwavering commitment to clients make him an exceptional addition to our team. Mark's decision to join us underscores our shared vision of delivering independent, high-touch advice to successful families and institutions.' Most recently, Monroe served as a Senior Vice President and Director of Alternative Investments at Morgan Stanley. Prior to that, he established the Houston office of Cornerstone Global Commodities in 2013 and specialized in executing sensitive derivatives trades for hedge funds and investment banks. 'I am excited to be joining Americana Partners, where the culture of entrepreneurship, outstanding technology, and mix of corporate partners will allow me to truly put clients first,' said Mr. Monroe. 'I look forward to having the flexibility to anticipate and serve client needs in the continually evolving wealth management landscape.' 'Mark brings a wealth of knowledge, fresh perspective, and a stellar reputation among ultra-high-net-worth families and institutions across Texas and beyond, and we are excited to have him join the Americana Partners team,' added Jason Fertitta, CEO of Americana. About Americana Partners Founded in 2019 and headquartered in Houston, Americana Partners is an independent wealth advisory firm working with a select network of families and individuals to help them simplify the management of their wealth. The firm offers wealth advisory and family office services, including alternative and traditional investment solutions. Americana serves high-net-worth and ultra-high-net-worth clients across the United States, with a division serving ultra-high-net-worth Latin American clients. The company celebrated its six-year anniversary in April 2025, having grown rapidly since its launch in 2019 to now manage over $10 billion in assets. Free from most of the constraints of corporate ownership, Americana is empowered to leverage support from Dynasty Financial Partners and other industry experts. To learn more, visit Follow along on LinkedIn, Instagram, or Facebook. View source version on CONTACT: MEDIA CONTACTS: Andrea Osborne ([email protected]) Karen Henry ([email protected]) The PR Boutique 713.599.1271 KEYWORD: UNITED STATES NORTH AMERICA TEXAS INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES FINANCE ASSET MANAGEMENT BANKING PERSONAL FINANCE SOURCE: Americana Partners Copyright Business Wire 2025. PUB: 06/30/2025 05:00 AM/DISC: 06/30/2025 05:00 AM
Zawya
18-06-2025
- Business
- Zawya
South Africa: Nedbank Private Wealth launches NexLegacy initiatives to tackle the wealth transfer challenge
One of the greatest challenges most high-net-worth families face is not how to create wealth, but how to pass wealth on successfully. Research shows that generational wealth often fades within three generations, not because the money disappears, but because the knowledge and habits required to manage it are never fully transferred to future generations. Nedbank Private Wealth is now addressing this issue with the launch of its NexLegacy initiative – an innovative approach designed to teach children* from affluent families how to build, protect, and grow wealth throughout their lives. NexLegacy is an interactive learning experience designed to introduce children aged between 7 and 18 years old to basic financial concepts in a fun and engaging way. NexLegacy aims to transform the way the next generation understands wealth planning and education through interactive challenges, practical tasks, and mentorship – all designed to turn banking and investment concepts into real-life skills. According to Bodibe Sebolai, head of client value proposition at Nedbank Private Wealth, children attending NexLegacy initiatives won't just learn how to budget; they'll gain first-hand experience in setting goals, and the value of tracking savings, and understanding how interest works. They will also learn the difference between growing and preserving wealth, and why the latter is crucial for maintaining wealth over time. "NexLegacy is about equipping the next generation with the tools and mindset to be more than beneficiaries," Sebolai says. "It's about helping them step into their future roles as custodians of their family's legacy with confidence." Recently, Nedbank Private Wealth hosted its first NexLegacy cohort for children between the ages of 7 and 12, bringing together selected clients and their children for a one-of-a-kind, curated day of discovery, learning, and growth. And it's just the beginning. With NexLegacy, Nedbank Private Wealth is setting a new benchmark for how banks support families, not just with products but with purpose. "This is more than a camp; it's a strategic intervention," Sebolai concludes, "designed to build habits early and create a new generation of wealth stewards who are ready to lead." The initiative formed the first major launch event under the broader family offering proposition and NexLegacy will evolve to support young people through various life stages – from childhood to adulthood. The programme is set to continue as an annual series, reinforcing the long-term value of early financial education. This approach reflects Nedbank Private Wealth's belief that wealth planning stewardship should start young, not just with a conversation, but with action. By introducing these concepts in an age-appropriate way through games, stories, and interactive simulations, children gain financial knowledge and develop good money habits long before they inherit assets. For parents, NexLegacy represents more than a fun day out for the kids. It's an investment in their children's future, rooted in the understanding that wealth without knowledge is fleeting. The programme draws directly from Nedbank Private Wealth's broader family banking philosophy, which is built on the understanding that wealth planning works best when it includes the whole family. From strategic succession planning, the bank helps clients manage their wealth as a unit, building a financial legacy that's robust and resilient. "Our clients have told us they want to do more than preserve wealth; they want to prepare their children to manage it responsibly," says Sebolai. "NexLegacy helps them bridge that gap in a way that's memorable, practical, and deeply relevant." Unlike generic financial education efforts, NexLegacy is designed specifically for high-net-worth families who want to ensure that the next generation is not just financially literate, but also financially confident. It brings the bank's most experienced wealth specialists into the learning process and aligns seamlessly with core banking, investment, and planning services. By delivering this experience through a combination of digital tools and real-world events, Nedbank Private Wealth ensures that wealth education is not an afterthought, but a foundational offering.
